NEW YORK, NY / ACCESSWIRE / November 6, 2015 / Trader's Choice has initiated research coverage on Bank of America Corporation (NYSE: BAC). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.
Today, membership is open to readers on a complementary basis at the following URL:
http://www.traders-choice.com/pdf/?s=BAC
Highlights from our BAC Report include:
- Ratifying the Leadership Structure – On September 22, 2015, Bank of America announced that its shareholders approved the proposal to endorse the 2014 amendments made to the Company's bylaws that permit the Board of Directors to determine its leadership structure, including appointment of an independent Chairman or appointment of a lead Independent Director when the Chairman is not an Independent Director. At a Special meeting of the shareholders held on September 22, 2015, the Company announced the preliminary results of the vote. Approximately, 63% of the shares voted, were in favor of the proposal.
- Management Speak – Jack Bovender, lead Independent Director said that the Company held the vote in direct response to extensive shareholder engagement. He added that the Company appreciates the opportunity that was provided by so many of its shareholders to discuss the issue of the leadership structure and that the Board is looking forward to continue such constructive engagement. Chairman and CEO, Brian Moynihan said that the Bank was pleased that its shareholders had the chance to express their views and the management appreciates their support to continue driving the Company forward for them and for the customers and clients.
- Opposing the bylaw – It was in last October that the Board had decided to change the Bank's bylaws and give the Chairman's role to Mr. Moynihan. The WSJ reported on August 31, 2015 that California Public Employees' Retirement System (Calpers) and California State Teachers' Retirement System (Calstrs) had also joined the drive to oppose the change in the bylaw. As per the report, the funds together own about 63.6 million shares of Bank of America, representing less than 1% of the total shares outstanding. The report added that this action by the pension funds follows the action by CtW Investment Group, an arm of the labor federation Change to Win. CtW Investment Group had sent a letter to the shareholders of the Bank urging them to oppose the Board's bylaws change. The CtW works with union pension funds that hold about 21 million Bank of America shares, or about 0.2% of the total shares outstanding.
To find out how this influences our rating on Bank of America Corporation read the full report in its entirety here: http://www.traders-choice.com/pdf/?s=BAC
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